Vonovia’s (VNAn.DE) chief executive on Monday urged shareholders of Deutsche Wohnen (DWNG.DE) to tender their stock as there would not be another sweetened bid for the real estate company.
Vonovia launched a new takeover offer worth 53 euros per Deutsche Wohnen share, valuing the company at 19.1 billion euros ($22.40 billion), having last month narrowly failed to pass the 50% threshold with a 52-euro bid.
“Whoever wants this deal, and I believe that the market wants it, should tender as many shares as possible as quickly as possible now so that we reach the 50% threshold,” Chief Executive Rolf Buch said in an interview.
Assuming the new offer is successful, Vonovia will as majority shareholder push for Deutsche Wohnen to stop paying dividends to shareholders, he said.
“Whoever doesn’t tender their stock will be stuck with shares that won’t pay dividends for years,” he said.
Deutsche Wohnen shareholders have until midnight on Sept. 20 to tender their stock.
($1 = 0.8527 euros)